Manta Network Raises $25M in Series A Funding and Launches Revolutionary ZK Layer 2 Solution

The Development Team behind Manta Network Raises $25M in Series A Funding

The development team behind Manta Network, p0x labs, has raised $25 million in a Series A funding round. The funding was led by Polychain Capital and Qiming Venture Partners, with the project’s valuation reaching $500 million. In conjunction with the funding, Manta Network has launched the testnet for its Layer 2 solution, Manta Pacific, which focuses on developing zero-knowledge (ZK) applications within its modular ZK ecosystem.

Main Breakdowns:

Manta Network raises $25 million in Series A funding, led by Polychain Capital and Qiming Venture Partners.
Manta Network launches the testnet for Manta Pacific, a Layer 2 solution for ZK applications.
The funding will be used to expand Manta Pacific and Manta Atlantic, the team’s ZK Layer 1 blockchain for compliant on-chain privacy.
Manta Pacific is the first Ethereum Virtual Machine-native modular execution layer designed for ZK adoption.
Manta Pacific utilizes Celestia’s data availability layer for enhanced security and reduced fees, as well as a modified version of Optimism’s OP Stack for scalability.

Hot Take:

Manta Network’s successful funding round and the launch of Manta Pacific demonstrates the growing interest in ZK technology as a solution for Ethereum’s scalability and privacy challenges. The combination of Manta Network’s ZK solutions with Celestia’s data availability layer and Optimism’s OP Stack creates a powerful ecosystem for developers and users of ZK applications. With increasing adoption of ZK and the potential to onboard substantial user numbers, Manta Network is well-positioned for success in the crypto market.